Other companies that saw hefty gains last week are Aldridge Minerals, East Africa Metals, Renaissance Oil and Greenfields Petroleum.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up slightly on Friday (August 17), rising 2.07 points to 675.24, or by 0.31 percent.
Last week’s headlines were again dominated by nothing but politics, with the US coming down hard on Turkey, while the rest of the world seemingly took steps to prop it back up again.
Here, the Investing News Network takes a look at what miners and energy companies have been up to during the week. Here are the top five gainers:
- Golden Ridge Resources (TSXV:GLDN)
- Aldridge Minerals (TSXV:AGM)
- East Africa Metals (TSXV:EAM)
- Renaissance Oil (TSXV:ROE)
- Greenfields Petroleum (TSXV:GNF)
Scroll down to see what each company was up to last week.
Golden Ridge Resources
Canadian explorer Golden Ridge Resources is focused primarily on its Hank property within BC’s Golden Triangle in the province’s north.
On Tuesday (August 14), the company announced positive news from Hank, revealing a new discovery at the Williams prospect at the property, with a drill hole intersecting 0.31 percent copper, 0.35 g/t gold and 1.94 g/t silver. The company reported that more drill holes in the same sector hit similar mineralization, boding well for the prospect.
The results triggered interest in the company, with its share price rocketing 77.78 percent to C$0.405.
Located in the middle of the country near the city of Kayseri, the mine is in an area that’s being hammered by the US, with the local currency well down on sanction fears.
The company hasn’t released any news recently — its last release was in June, when it said it had no sources of capital besides “potential equity financings and/or a strategic transaction.”
Something must be up though (besides US President Donald Trump’s temper), with the company experiencing a 50-percent increase in its share value over the week to C$0.13.
East Africa Metals
Another company with fresh news was East Africa Metals, which announced on Thursday (August 16) that it has received environmental and social impact assessment approvals for its Mato Bula gold-copper and Da Tambuk gold projects in Ethiopia.
The company says that the next step is submitting mining license applications for the projects, having already received a mining license for a third project, the Terekimti gold heap-leach project, also in Ethiopia. In Toronto, East Africa Metals was trading up 26.67 percent by Friday, at C$0.19.
Renaissance Oil didn’t put out any news last week, with its latest release being way back in July. But it’s about the time of year it would release its Q2 and H1 reports, which might explain its share price increasing by 17.41 percent over the week to C$0.205.
The Canadian company is engaged in the acquisition, exploration and development of oil and gas properties, and has a portfolio of projects throughout Mexico, where it is exclusively focused.
Its flagship property is the Amatitlán property on the Gulf of Mexico, which the company describes as largely undeveloped.
Another oil and gas explorer, Greenfields Petroleum is focused in the historically vital oil-producing country of Azerbaijan, where it has an 80-percent stake in the Bahar project in the Caspian Sea.
In its Q1 report, the company says that the project averaged 838 barrels per day for cubic oil and 17,299 mcf per day of natural gas, giving it entitled revenue of US$7 million.
While it hasn’t released any news recently, again, it’s almost time for its Q2 report — the company’s share price increased by 16.67 percent over the week to C$0.10 in Toronto.
Data for 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using tradingview.com. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.
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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.